On July 6, 2020 Molecular Partners AG (SIX: MOLN), a clinical-stage biotech company that is developing a new class of custom-built protein therapeutics known as DARPin therapeutics, reported the launch of a private placement of up to approximately 5.5 million newly issued shares with a nominal value of CHF 0.10 each (the Offered Shares), to be issued from existing authorized share capital of the company under exclusion of the existing shareholders’ pre-emptive rights by way of an accelerated bookbuilding (the Offering) (Press release, Molecular Partners, JUL 6, 2020, View Source [SID1234655789]).

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The offer price will be determined through an accelerated bookbuilding process (the Bookbuilding) which starts immediately and the Offered Shares will be offered exclusively to (a) professional investors in Switzerland on the basis of applicable exemptions from the prospectus requirements under the Swiss Financial Services Act and outside of the United States in compliance with Regulation S under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act), (b) certain qualifying investors outside of Switzerland and outside of the United States by way of private offerings in reliance on Regulation S under the U.S. Securities Act and exemptions from prospectus, registration and/or filing requirements available under local securities laws and (c) a limited number of persons within the United States who are reasonably believed to be qualified institutional buyers in a private placement pursuant to Section 4(a)(2) of the U.S. Securities Act or pursuant to another exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act.

The offer price of the Offered Shares and the final number of shares will be announced upon completion of the Bookbuilding, which is expected prior to market opening on July 7, 2020.

As a result of the capital increase and assuming all Offered Shares are placed, Molecular Partners AG’s registered share capital will increase by approximately 25% from CHF 2,160,119.20 to CHF 2,712,928.10, divided into 27,129,281 registered shares with a nominal value of CHF 0.10 each. Molecular Partners AG intends to use the net proceeds from the Offering to fund R&D activities as well as for general corporate purposes.

The Offered Shares, if issued, are expected to be listed and admitted to trading on SIX Swiss Exchange as of July 9, 2020. Payment and settlement is expected to take place on the same date. The Offered Shares will rank pari passu with the existing shares.

The company, members of the board of directors and members of the management board have agreed to a 90-day lock-up period after settlement of the Offered Shares, subject to certain customary exceptions.

SVB Leerink LLC, Cowen and Company, LLC, Credit Suisse AG and Van Lanschot Kempen Wealth Management N.V. are acting as Joint Bookrunners.